Turns Out Mamdani Lied About Who Will Pay His Pied-à-Terre Tax

No one will be shocked to learn that New York City Mayor Zohran Mamdani's pied-a-terre tax is more expansive than he let on. Mamdani said the tax only applied to wealthy people who owned secondary homes in the Big Apple that are worth more than $5 million. But if you read the actual tax, that $5 million value only applied to one-, two-, and three-family homes. Condos and co-op units that are secondary homes are also taxed, and starting at a value of $1 million, or more. That explains why there are 31,000 properties subject to the tax. HOLDUP. Zohran’s...